人工智能算力基建建设拉动了全球有色金属市场的景气度。中国上半年规模以上有色金属企业利润总额达4183.9亿元，同比增长94.0%[1]。在此带动下，被业界称为"算力金属"的铜、锡、钽等有色金属价格出现明显上涨，其中锡价在半年内上涨40%，钽价飙升158%，铟价上涨60%[1]。同期十种有色金属产量达4151.3万吨，同比增长3.3%[1]。
数据中心扩张对有色金属的需求持续增加。预计全球数据中心铜消费量将从2026年的74万吨增至2028年的130万吨[1]。AI服务器对特定金属的依赖程度更高，单台AI服务器用锡量是传统服务器的3倍以上[1]。业内普遍判断，"算力金属"短期供需格局未发生根本性改变，价格中枢存在支撑[1]。
Artificial intelligence infrastructure demand is reshaping global non-ferrous metal markets, with China's sector demonstrating remarkable growth in the first half of 2024. Large-scale non-ferrous metal enterprises reported combined profits of 438.39 billion yuan in the period, a year-on-year increase of 94.0%, driven substantially by elevated prices for "computing metals" essential to AI server deployment [1]. Production of ten major non-ferrous metals reached 41.513 million tons, growing 3.3% compared to the same period last year [1].
Prices for key computing metals surged dramatically during the six-month period. Tin prices rose 40% while tantalum prices skyrocketed 158%, and indium increased 60% [1]. The surge reflects accelerating global demand for AI infrastructure: data centers are projected to consume 740,000 tons of copper by 2026, expanding to 1.3 million tons by 2028 [1]. AI servers consume more than three times the tin required by traditional servers [1].
Industry analysts note that while the underlying supply-demand dynamics for computing metals remain fundamentally unchanged in the near term, price support mechanisms are solidifying. According to the industry consensus, the supply-demand structure for "computing metals" has not undergone fundamental change in the short term, though the price center maintains support [1]. Despite optimistic near-term conditions, experts caution that price volatility risks remain present in the market.